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Thursday, July 18, 2024
Home Uncategorized CBN REMOVES SAVING, WITHDRAWAL LIMITS ON DOMICILIARY ACCOUNTS

CBN REMOVES SAVING, WITHDRAWAL LIMITS ON DOMICILIARY ACCOUNTS

The Central Bank of Nigeria has lifted the limits placed on domiciliary accounts.

A statement by the CBN titled ‘CBN issues further guidance on operational changes to foreign exchange market’ on Sunday says the new regulation allows account holders to deposit freely, have unrestricted access to funds in accounts, and make up to $10,000 withdrawals daily.

In specific terms, the CBN says ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts. Domiciliary account holders are permitted to utilise cash deposits not exceeding $ 10,000 per day or its equivalent via telegraphic transfer.

In May 2021 banks had started placing new limits on transfers that domiciliary accounts holders could make from cash lodgements. A circular from one of the banks obtained by The PUNCH in 2021 stated, “The maximum limit for foreign currency transfers by cash deposits is now $5,000 per month.

However, the CBN placed a cap on this limit following a Bankers’ Committee meeting held to discuss the implementation and implications of the policy changes for the banking public.

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